Emerging marketing terminology
Submitted to: - Submitted by:- Dr. B.B.Singla Inderpreet singh MBA-GB (2ndSem) 120426480
New Marketing Terms
Definition: SoLoMo is the blend of social, local and mobile. It represents the growing marketing trend of targeting consumers based on their current location with content or promotions designed to be shared via social networks.
SoLoMo sounds like it could be the next jazz saxophone sensation (“Take it away, Solo Mo”), but it’s actually a ratchet-job acronym that amalgamates social, local and mobile. It is becoming a trend because half of the British population owns a smartphone, according to the latest figures from Kantar World panel, meaning the majority of brands’ audiences are walking around all day with mini internet-connected, geo-locatable computers. Mobile offers marketers the opportunity to target consumers not just by demographic, but by context - specifically location but also by spotting location patterns. It levels out the playing field between big and small advertisers, so any brand, from an East End kebab house to a national pizza restaurant chain, can inform consumers where their nearest outlet is and what promotions are on offer. Data on consumers’ everyday activities can also be used to serve highly personalized ads. For example, a bored commuter waiting for a delayed train could be served an ad to download an Angry Birds game to help pass the time or a voucher for the station’s café. While SoLoMo’s advantages are clear, there are limitations to consider avoiding irritating consumers: consent, invading their private space and...